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1 October, 09:29

What is the annual compound interest rate for an investment account modeled by the function y = 7400 • 1.07^x?

A. 7%

B. 1.07%

C. 0.07%

D. 97%

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Answers (1)
  1. 1 October, 11:15
    0
    The formula is

    Y=p (1+r) ^x

    Where r is the interest rate

    Y=7400 (1+0.07) ^x

    R=0.07*100=7%

    It's a
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